With such title on slashdot, I didn't even bothered to read the article... I was quite embarrassed with such title on slashdot. Seemed a bit that someone bought bitcoins just before MtGox went down and wanted to push MtGox back with some cheap publicity.

The problem is the way bitcoin is presented. You guys all like it because you are libertarian types. But keep in mind that the vast majority of people in the world aren't. But bitcoin doesn't just appeal to libertarian types. All you need to say to promote it is:

Bitcoin is a free paypal that anyone can use.

Please leave the libertarian, going to replace all other currencies, take over the world stuff out of it. That just turns people off. The only important thing for people to know is that it is better than what people use now for online payments.

Seriously, why do people link that article. Its just linkbait. Its a sensationalist article which isn't very well written and is just a copy/paste of some of the stuff that bitcoiners say, it isn't even thought through or discussed. Then again what do you expect from Jason Calacanis?

The problem is the way bitcoin is presented. You guys all like it because you are libertarian types. But keep in mind that the vast majority of people in the world aren't. But bitcoin doesn't just appeal to libertarian types. All you need to say to promote it is:Bitcoin is a free paypal that anyone can use.

The problem is the way bitcoin is presented. You guys all like it because you are libertarian types. But keep in mind that the vast majority of people in the world aren't. But bitcoin doesn't just appeal to libertarian types. All you need to say to promote it is:

Bitcoin is a free paypal that anyone can use.

Please leave the libertarian, going to replace all other currencies, take over the world stuff out of it. That just turns people off. The only important thing for people to know is that it is better than what people use now for online payments.

This seems misleading, as Paypal is a transmission method for supported currencies while Bitcoin is a currency of its own. Saying it's like Paypal might lead people to believe that they can use it anywhere Paypal is accepted, rather than the limited number of merchants that accept Bitcoin.

The problem is the way bitcoin is presented. You guys all like it because you are libertarian types. But keep in mind that the vast majority of people in the world aren't. But bitcoin doesn't just appeal to libertarian types. All you need to say to promote it is:

Bitcoin is a free paypal that anyone can use.

Please leave the libertarian, going to replace all other currencies, take over the world stuff out of it. That just turns people off. The only important thing for people to know is that it is better than what people use now for online payments.

If you don't explain to people that it's not dollar-denominated, that it is an entirely new currency that can increase or decrease in value relative to the dollar, you are misinforming them.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.

This seems misleading, as Paypal is a transmission method for supported currencies while Bitcoin is a currency of its own. Saying it's like Paypal might lead people to believe that they can use it anywhere Paypal is accepted, rather than the limited number of merchants that accept Bitcoin.

So you inform them of that. Still, its purpose is similar to Paypal and that should be advertised, not that it is designed to redo the entire financial system on a deflationary currency.

So you inform them of that. Still, its purpose is similar to Paypal and that should be advertised, not that it is designed to redo the entire financial system on a deflationary currency.

Then they ask "why are there only 21 million? that's not enough!?".

Besides, I would argue that it was designed to address the flaws of our current financial system.

Quote from: satoshi

The root problem with conventional currency is all the trust thats required to make itwork. The central bank must be trusted not to debase the currency, but the history offiat currencies is full of breaches of that trust. Banks must be trusted to hold ourmoney and transfer it electronically, but they lend it out in waves of credit bubbleswith barely a fraction in reserve. We have to trust them with our privacy, trust themnot to let identity thieves drain our accounts. Their massive overhead costs makemicropayments impossible.

A generation ago, multi-user time-sharing computer systems had a similar problem.Before strong encryption, users had to rely on password protection to secure theirfiles, placing trust in the system administrator to keep their information private.Privacy could always be overridden by the admin based on his judgment call weighing theprinciple of privacy against other concerns, or at the behest of his superiors. Thenstrong encryption became available to the masses, and trust was no longer required.Data could be secured in a way that was physically impossible for others to access, nomatter for what reason, no matter how good the excuse, no matter what.

Its time we had the same thing for money. With e-currency based on cryptographicproof, without the need to trust a third party middleman, money can be secure andtransactions effortless.

Seriously, why do people link that article. Its just linkbait. Its a sensationalist article which isn't very well written and is just a copy/paste of some of the stuff that bitcoiners say, it isn't even thought through or discussed. Then again what do you expect from Jason Calacanis?